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Condo Insurance: What's Covered, What's Not

by Amy Lillard

(5/29/2012) When you own a condo, your homeowner's association insures the common areas of the building - the foyer, elevator, hallways, basement, shared patios and recreational facilities, etc. Any damage that occurs to these areas is typically covered by the policy and the dues you pay each month.

What about your individual unit? What does your condo insurance cover? It can get a little intricate.

For standard condominium insurance policies:

WHAT'S COVERED

• Interior walls
• Fixtures and structural components, including appliances, cabinetry, flooring, countertops, lighting, installations, additions, etc
• Personal property
• Liability in case of visitors tripping, falling, or otherwise injuring themselves in your unit
• Damage from fire, lightning, windstorms, smoke and volcanic eruptions
• Damage from vandalism or theft
• Damage from explosions, aircraft and vehicles
• Damage from the weight of ice, snow or sleet
• Sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system, an air conditioning or automatic fire-protective system.
• Freezing of a plumbing, heating, air conditioning or automatic, fire-protective sprinkler system, or of a household appliance.
• Sudden and accidental damage from artificially generated electrical current (does not include loss to a tube, transistor or similar electronic component)

WHAT'S NOT COVERED

• Damage from earthquakes
• Damage from floods
• Water damage from drainage backups or ground water seepage
• Pets
• Vehicles
• Additional expenses required from condo owners if the building is damaged and insurance doesn't cover it (called loss assessment - additional coverage can be purchased for this)
• Neglect - damage caused that could have been prevented, or that is intentional
• Worst-case scenarios situations, like nuclear hazard, or war and damage/loss from U.S. military personnel

Remember that while standard condo insurance policies are described here, you can always purchase additional insurance to cover most of these incidents mentioned above, as well as additional coverage for particularly valuable personal property.

For additional reading:

Condo Insurance Breakdown:
http://www.insuranceagents.com/homeowners-insurance/condo-insurance-faqs.html

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